Bitcoin bulls defend yearly open after BTC price rebounds 5.5% from $29K
July 21, 2021. Summarized by summa-bot.
Compression ratio: 45.7%. 1 min read.
Bitcoin bounces at its yearly open but a trader warns that the liquidity grab may not be complete.
Bitcoin (BTC) bulls could celebrate a modest victory on July 21 after record bids kept BTC/USD its 2021 opening price.
Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency avoiding a trip lower than $29,000 over the past 24 hours.
After breaking through $30,000 support, concerns swiftly mounted that Bitcoin would surpass even its May lows and continue towards $24,000 or lower.
For Cointelegraph analyst Michaël van de Poppe, the fact that Bitcoin had not matched its May levels left the door open for a restest.
"Bitcoin is still acting inside this range of wicks," he summarized before the rebound.
He added that Bitcoin was "insanely cheap" at sub-$30,000 levels.
Orderbook data showed resistance building at $31,000 on the day, placing a hurdle in the way of bulls who had propelled the market 5. 5% higher to a local top of $30,900.
Altcoins welcomed the relief rally in Bitcoin, Van de Poppe's curiosity over Ether (ETH) well founded as it gained nearly 6% in hours.
Gains of up to 20% meanwhile featured across the top fifty cryptocurrencies by market cap, underscoring altcoins' current sensitivity to Bitcoin's movements.